Solar Morning Spotlight (6/18): Channel Check With Sec 232 Poly Expert, AZ Ruling Supports Resi Solar, Propel Expands

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Solar Morning Spotlight (6/18): Channel Check With Sec 232 Poly Expert, AZ Ruling Supports Resi Solar, Propel Expands

Equity Research

Industry Update — June 18, 2026

Clean Energy

Solar Morning Spotlight (6/18): Channel Check

With Sec 232 Poly Expert, AZ Ruling Supports

Resi Solar, Propel Expands

Our Call Praneeth Satish

A Sec 232 poly expert expects a min import price & ad valorem tariff, which could increase Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

US panel ASP to ~40-50c/w (positive for FSLR). A decision could come late July / early

Michael BlumAug. AZ court ruling favors resi solar. ENPH’s Propel program expands.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

Channel Check w/ Sec 232 Poly Expert. Expert believes Section 232 poly will result in Ned Baramov, CFA

a minimum import price of ~35-40c/W, split across poly, wafer, cell & module. Cos are Equity Analyst | Wells Fargo Securities, LLC

providing Commerce w/ cost inputs to inform these levels. Enforcement is a concern, Ned.Baramov@wellsfargo.com | 212-214-8021

as importers could claim compliance while masking true pricing via intercompany Eric Shiu

transactions. To address this, an ad valorem tariff of ~20-30% could be levied on top of Associate Equity Analyst | Wells Fargo Securities, LLC

the MIP, which we est could push fully imported panel costs to ~40-50c/W. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

Sec 232 Poly Could Have Unintended Consequences. Expert believes that the policy’s Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

goal is to drive a US supply chain, but progress will take time. For example, US cell